Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Seema Malhotra on 2016-01-11.

To ask Mr Chancellor of the Exchequer, what steps he is taking to address the forecast rise in household debt as defined by the Office for Budget Responsibility on page 69 of its November 2015 report, the Economic and Fiscal Outlook.

Harriett Baldwin

To avoid repeating the mistakes of the past we have created the independent Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. The FPC has taken action on loan-to-income ratios and mortgage affordability to ensure against a significant rise in the number of highly indebted households.